Asia Summary

-Asian equity markets opened mixed and the Nikkei 225 has outperformed. Nikkei 225 Oct options are said to have settled at ~20,957.

-Nikkei heavy component, Fast Retailing has gained over 3% following it reporting record earnings. Kobe Steel has declined by over 10% amid reports that its data falsification issue has spread to steel wire products.

-Samsung Electronics guided its Q3 operating profits slightly ahead of estimates, while revenues for the quarter are seen in line. It was also reported that the company’s CEO/Co-vice Chairman Kwon would step down in order to give the company a new start and younger management. Amid the company’s earnings report and announced management transition, shares are slightly lower following the over 4% gains seen earlier in the week ahead of guidance.

-Singapore was the first major Asian economy to release Q3 GDP data, which showed the economy is performing better than expected. Also, the country’s central bank, the Monetary Authority of Singapore (MAS), offered a slightly cautious view on the 2018 growth outlook and tweaked its policy language.

-In South Korea, the Finance Ministry said the country had extended its currency swap agreement with China for 3-years.

-New Zealand’s First Party Leader Peters said his party’s board was expected to meet on Monday regarding the government coalition talks. Peters had previously said that he planned to make his decision regarding a coalition partner this week.

-Ahead of the ECB’s Oct 26th policy meeting, there has been press speculation that the central bank is said to consider cutting its QE program to €30B/month from Jan and extending it until at least Sept 2018. The current level of monthly asset purchases is €60B.

-In the US, traders are focused on the later today releases of Sept CPI and Retail Sales data. HP Inc. guided the mid-point of its initial FY18 earnings view above market expectations. Later today, US financial names, including Bank of America, PNC and Wells Fargo are due to report quarterly earnings. On Thursday, Citi and JPMorgan traded lower after their respective Q3 earnings reports.

US Market Summary

-Stocks ended lower, with the S&P confined to a tight range until a moderate drop at the end of the session. Treasury yields have fallen slightly despite a hotter than expected core PPI reading ahead of tomorrow's CPI data. WTI crude futures declined but traded off the morning lows after the EIA report showed a decline in U.S crude stockpiles, while natural gas prices surged on anticipation of colder weather and in-line expectations from the EIA report. JPM weighed on the Dow post earnings along with Exxon and Chevron. Copper continued to press higher, back towards the Sep multiyear high.

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